Demand strong ahead of Redcape listing

The bookbuild for Redcape's Hotel Property Fund float has been brought forward due to strong investor interest.

Shares in Redcape's new $500 million-plus Hotel Property Fund will likely trade at the upper end of its $2 to $2.15 range when it lists on the Australian Securities Exchange next month, according to sources.

The timing of the bookbuild has been accelerated on the back of strong demand, sources said, and will launch tonight after Asian markets ceased trading, and would close tomorrow - a day ahead of schedule.

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